When a coin goes live on a major exchange like Binance, it undergoes rapid price discovery. [1]

• The Launch Spike: Prices frequently surge in the opening minutes due to sudden retail buying and automated trading bots.

• The Cool-Off Phase: Early venture capitalists, presale investors, or airdrop participants often use this initial surge as "exit liquidity," selling off their allocations for a profit and causing rapid price corrections. [1, 2]